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New Dubai project fully owned by foreigner

A $500 million underwater luxury hotel in Dubai will be the first development to be fully owned by and operated by a foreign investor in the United Arab Emirates (UAE).

17 Aug 2003 16:33 GMT

The UAE is known for its elaborate architecture

The 220-suite, bubble-like Hydropolis Hotel is to float just below the waters off the coast of Dubai’s upscale Jumeirah area.

The hotel, the brainchild of German investor, designer and architect Joachim Hauser is scheduled to open late 2006.

“This is part of our ongoing effort to promote Dubai as a perfect hub to attract investments in projects across all sectors,” said Salem bin Dasmal, deputy director general of the Dubai Development and Investment Authority.

Until now, such projects were owned and run by governmental or semi-governmental entities.

Hauser registered the company for his hotel in a Dubai free enterprise zone, giving him total control.

Dubai, the trade hub of the UAE, is seen as the business centre for the Arab world.